Dart Energy has scrapped the initial public offering of its international business and announced plans to shed more than 100 jobs.

The company is suspending operations in Australia following recent regulatory changes on coal seam gas (CSG) and looking to sell non-core assets in Europe, China, Indonesia and India.

The business said it plans to focus its resources on the flagship coal bed methane project (CBM) at Airth, Stirlingshire, a secondary project in the Solway Basin, Dumfriesshire, and its shale assets in the UK.

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Dart's restructuring is expected to slash costs by around 60% to A$1 million (£691,500) a month with staff numbers dropping to 50.

Board level employees are also being cut, with just one set of executives.

UK-based John McGoldrick becomes chief executive with Nick Davies as chairman and Shaun Scott, Stephen Bizzell, Norrie Stanley and Simon Poidevin as non-executive directors. Dart said it has A$20m of cash and liquid assets available to fund its activities.

Mr Davies said Dart was disappointed with the recent decisions in Australia.

He added: "The consequence is that investment is leaving the country, field operations are being suspended, Australian jobs are being lost, and the impending energy crisis in New South Wales is not being addressed.

"This is in direct contrast to the United Kingdom."